三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日召开 第五届董事会第十六次会议和第五届监事会第十二次会议，审议并通过《关于回 购公司部分股份方案的议案》，同意公司使用自有资金及银行回购专项贷款以集 中竞价交易的方式回购公司部分社会公众股份，用于员工持股计划、股权激励或 者用于转换上市公司发行的可转换为股票的公司债券。回购资金总额不低于人民 币 15,000 万元且不超过人民币 30,000 万元（均含本数），回购价格不超过人民币 34.00 元/股（含），实施期限为自董事会审议通过本次回购部分股份方案之日起 12 个月内。2025 年 6 月 13 日，公司实施完成 2024 年年度权益分派方案，根据 公司《关于回购公司部分股份方案暨取得金融机构股票回购专项贷款承诺函的公 告》《回购股份报告书》的相关约定，公司回购股份价格上限将由不超过人民币 34.00 元/股（含）调整为不超过人民币 33.78 元/股（含）。回购事项具体内容详 见公司分别于 2025 年 2 月 20 日、2025 年 2 月 24 日、2025 年 6 月 6 日在巨潮资 讯网（www.cninfo.com ...

Investment Rating - The report suggests a positive outlook for the medical device industry, indicating that the adjustment period is nearing its end and a recovery is expected in the second half of 2025 [2][4]. Core Insights - The medical device sector is experiencing a recovery trend, with domestic bidding demand showing signs of restoration in the second half of 2025 after a significant decline due to policy delays [2]. - The medical consumables segment is steadily growing, with a slight increase in gross margin, indicating resilience in demand related to patient treatment needs [2]. - The in-vitro diagnostics sector is under pressure, but there is potential for increased domestic market share for local manufacturers in the long term [2]. - Leading medical device companies are accelerating their overseas market expansion, with many reporting higher growth rates in international markets compared to domestic ones [2]. Summary by Sections Medical Equipment - Revenue for Q2 2025 showed a year-on-year decline of 5.26%, with net profit down 27.93% and gross margin decreasing from 53.07% in Q2 2024 to 49.00% in Q2 2025 [16]. - The industry is expected to reach a turning point as domestic bidding demand recovers [2][18]. Medical Consumables - Q2 2025 revenue increased by 1.33% year-on-year, with net profit down 6.28% and a slight improvement in gross margin from 42.13% to 42.24% [23]. - The segment is characterized by stable growth, with companies focusing more on R&D and innovative products [2]. In-Vitro Diagnostics - Revenue for Q2 2025 decreased by 16.53% year-on-year, with net profit down 37.58% and gross margin declining from 62.43% to 59.66% [29]. - The sector faces short-term demand pressure but may benefit from increased domestic production rates in the long run [2]. Investment Recommendations - The report recommends focusing on three key areas: companies leading in international market product and channel expansion, domestic medical device industry leaders, and high-value consumables firms with strong innovation capabilities [34]. - Specific companies to watch include Nanwei Medical, Mindray Medical, Sanofi, and Xinjiang Technology [34].

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Core Viewpoint - The company reported a revenue of 2.264 billion yuan for 1H25, representing a year-on-year increase of 6.12%, which aligns with expectations; however, the net profit attributable to shareholders was 181 million yuan, down 8.53% year-on-year, slightly below expectations due to fluctuations in gross margin and expense ratio [1] Financial Performance - In 1H25, the company's blood glucose monitoring segment generated revenue of 1.659 billion yuan, up 6.9% year-on-year, with the parent company's blood glucose segment revenue at 1.148 billion yuan, increasing by 5.9% year-on-year [2] - The gross margin for 1Q25 was 48.7%, which rebounded to 54.6% in 2Q25, a quarter-on-quarter increase of 5.9 percentage points; the sales expense ratio was 27.0%, up 0.9 percentage points year-on-year, while the management expense ratio remained stable at 9.6% [3] Growth Prospects - The company has expanded its blood glucose meter products to 3,800 hospitals, over 400,000 pharmacies, and more than 10,000 community and township hospitals, covering over 20 mainstream e-commerce platforms, with more than 25 million users globally across 187 countries and regions [2] - The second growth curve centered on Continuous Glucose Monitoring (CGM) has made progress, with the second-generation CGM product approved for market in China and registrations in Brazil, Iran, and Vietnam, along with MDR certification in Europe [2] Profit Forecast and Valuation - Due to the profit margin fluctuations in 1H25, the company has revised down its net profit forecasts for 2025 and 2026 by 5.5% and 3.6% to 402 million yuan and 501 million yuan, respectively; the current stock price corresponds to a P/E ratio of 29.2 times for 2025 and 23.4 times for 2026 [4] - The company maintains a leading position in the domestic blood glucose segment and is expected to continue its successful overseas expansion, with a target price of 28 yuan, indicating a potential upside of 33.7% from the current stock price [4]

Investment Rating - The report maintains a "Recommended" rating for Sanofi Biologicals, indicating an expected stock price increase of over 15% relative to the benchmark index [5]. Core Viewpoints - Sanofi Biologicals reported a revenue of 2.264 billion yuan for H1 2025, a year-on-year increase of 6.12%, while the net profit attributable to shareholders decreased by 8.52% to 181 million yuan [1]. - The company's second-generation Continuous Glucose Monitoring (CGM) product has successfully launched in Europe, featuring a more compact design that enhances user convenience and comfort [3]. - The company is expanding its global presence while maintaining a strong foothold in the domestic market, leveraging both online and offline channels to enhance its diabetes management solutions [4]. Financial Performance Summary - For H1 2025, the gross margin was 51.86%, down 3.29 percentage points year-on-year, and the net profit margin was 7.98%, down 1.28 percentage points year-on-year [2]. - R&D expenses for H1 2025 were 145 million yuan, a decrease of 15.29% year-on-year, with 865 R&D personnel representing 17.25% of the total workforce [2]. - Revenue projections for 2025-2027 are 4.957 billion yuan, 5.520 billion yuan, and 6.223 billion yuan, respectively, with expected growth rates of 11.6%, 11.4%, and 12.7% [5][6].

Core Viewpoint - Sanofi Bio achieved a net profit attributable to shareholders of 180 million yuan in the first half of the year, representing a year-on-year decrease of 8.5% [1] - The blood glucose monitoring business showed steady growth, with significant progress in overseas markets for Continuous Glucose Monitoring (CGM) [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 110 million yuan, a year-on-year decline of 6.9% [1] - For the first half of 2025, the blood glucose monitoring business generated revenue of 1.66 billion yuan, reflecting a year-on-year increase of 6.9% [1] Business Development - The CGM product line has expanded its registration scope overseas, with the second-generation product receiving EU certification, enhancing its competitive edge [1] - The company is positioned as a leader in the blood glucose monitoring industry, with rapid growth in new CGM products and successful overseas expansion [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The traditional business remains stable, and the overseas expansion of Continuous Glucose Monitoring (CGM) is progressing smoothly [5] - The company is a leader in the blood glucose monitoring industry, with rapid growth in new CGM products and successful overseas expansion [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 2.26 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 180 million yuan, a year-on-year decrease of 8.5% [8] - The blood glucose monitoring business showed steady growth, with revenue of 1.66 billion yuan in the first half of 2025, up 6.9% year-on-year [8] - The CGM product line has expanded its registration scope overseas, with the second-generation product receiving EU certification, enhancing its competitiveness [8] - The gross profit margin for the first half of 2025 was 51.9%, down 2.4 percentage points year-on-year, primarily due to changes in product mix [8] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 4.1 billion yuan, 4.9 billion yuan, and 5.9 billion yuan, with growth rates of 24.4%, 21.4%, and 19.0% respectively [8] - The current price-to-earnings (P/E) ratios for the next three years are projected to be 29X, 24X, and 20X [8]

Group 1 - Dan Yi Investment recently conducted research on two listed companies: YHLO and Sinocare [1] - YHLO has completed the prototype of its second-generation sequencing system, achieving full self-research and production of core reagents, auxiliary reagents, and auxiliary enzyme reagents [1] - YHLO is integrating its product matrix, technology research and development, customer service, and data with AI platforms like DeepSeek, enhancing its laboratory automation solutions [1] - Sinocare's medical AI platform, SinoGPT, has integrated with DeepSeek to scale intelligent services, focusing on diabetes management [1] - Sinocare plans to leverage DeepSeek's reasoning capabilities to develop a specialized model for the diabetes vertical [1] Group 2 - Shanghai Dan Yi Investment Management Partnership is a domestic private investment management institution established in April 2015 with a paid-in capital of 10 million [2] - The core executives of Dan Yi Investment have over ten years of experience in investment research, having worked at prominent institutions like Huabao Xingye Fund and Guotou Ruijin Fund [2] - During their careers, the executives managed funds totaling several billion, ranking among the top in the industry [2]

Summary of Sanofi Biologics Conference Call Company Overview - **Company**: Sanofi Biologics - **Industry**: Continuous Glucose Monitoring (CGM) and Blood Glucose Monitoring (BGM) Key Points and Arguments Financial Performance - In the first half of 2025, Sanofi Biologics achieved revenue of **2.263 billion** CNY, a year-on-year increase of **6.12%** [3] - CGM business sales exceeded **200 million** CNY, with overseas revenue contributing **25%-30%** [2][5] - Overall gross margin exceeded **45%**, with higher margins in overseas and clinical sales [2][5] - The company aims for annual sales of **400-600 million** CNY and has already achieved profitability with a sales profit margin exceeding **20%** [2][5] Market Strategy - The company withdrew its CGM first-generation product registration in the U.S. to focus on the second-generation product, aiming to enhance performance and user retention [2][6][7] - Domestic CGM market shows high online sales proportion, with clinical channel revenue growing over **40%** [2][9] - The sales expense ratio decreased due to optimization of second-generation capacity and reduced online content e-commerce investment [2][9] Product Development and Production - The first-generation CGM product's yield is nearing **99%**, expected to be achieved in 2025, while the second-generation product will take longer to reach similar yield levels [2][10][24] - The company is optimizing production processes to improve efficiency and reduce costs, with expectations of a **20%** cost reduction for the second-generation product once yield improves [10][24] International Expansion - The overseas market, particularly in Europe, is progressing well with significant demand exceeding expectations [3][5] - The company is expanding into cash markets in countries like Italy, Spain, and Portugal, and is also establishing local production in Russia [5][11] - International e-commerce sales have grown over **30%**, contributing to cash market sales [5] Challenges and Future Outlook - The decline in gross margin in the first half of 2025 was attributed to increased BGM investments, competitive pressures in the CGM market, and rising promotional costs [4][18] - The company plans to optimize cost structures and enhance high-margin product promotions to improve overall gross margin levels [18] - The CGM market share decreased from over **20%** to **15%-20%** due to capacity optimization and reduced promotional activities [21] AI and Health Management Initiatives - Sanofi Biologics has developed a comprehensive smart blood glucose management system and specialized AI tools for patient health management [4][16] - The company collaborates with various partners to provide personalized health management solutions, integrating data from devices like Huawei's health bands [17] Future Plans - The company plans to launch a TF patch insulin pump, leveraging CGM technology to enhance user retention, particularly among insulin-dependent patients [23][22] - The expectation for breakeven in CGM business is contingent on the promotion of first and second-generation products and market share growth, especially among younger users [24] R&D and Cost Management - R&D expenses are projected to remain around **8%** of revenue, with fluctuations expected due to clinical trials for the second-generation product [27] Additional Important Information - The company is focusing on enhancing its competitive edge in the U.S. market by improving the second-generation product's performance and user engagement strategies [6][8][7] - Sanofi Biologics is actively working to establish a foothold in emerging markets with lower healthcare coverage, aiming to increase CGM adoption [11]

Financial Performance - The company achieved a revenue of 226,366.76 million CNY in the first half of 2025, a year-on-year increase of 6.12% [2] - Revenue from blood glucose monitoring systems reached 165,896.81 million CNY, up 6.88% compared to the same period last year [3] - Overseas revenue amounted to 99,731.63 million CNY, representing a 7.06% increase year-on-year, accounting for 44.06% of total revenue [3] - Net profit attributable to the parent company was 18,065.47 million CNY, a decrease of 8.52% year-on-year [3] Product Development and Market Strategy - The company is focusing on the development of BGM and CGM products, with plans to enhance its digital management capabilities for diabetes [4] - The first-generation CGM product's FDA registration was voluntarily withdrawn to expedite the introduction of the next-generation product [5][6] - The second-generation CGM product has received domestic Class III medical device registration and EU CE-MDR certification [6] AI and Technology Integration - The company is leveraging AI to enhance diabetes management, including the development of a comprehensive product line for blood glucose monitoring [7] - An AI-based diabetes management system has been implemented, providing clinical decision support through data analysis [7] - The "AiKan Health" app was launched, integrating with HarmonyOS NEXT for improved user experience in blood glucose monitoring [7] Cost and Profitability Challenges - The gross margin for blood glucose monitoring products decreased to 57.19%, down 3.21% year-on-year, primarily due to increased costs associated with new product launches and market competition [10] - R&D expenses were 14,501.18 million CNY, a decline of 15.28% year-on-year, influenced by previous high expenditures on CGM clinical trials [11] Market Expansion and Sales Channels - The company has established partnerships in Europe to penetrate the healthcare market, successfully entering national insurance directories in the UK and Austria [15] - In Southeast Asia, the company is expanding through local distributors, contributing to revenue growth [16] - The company is also utilizing cross-border e-commerce platforms like eBay and Amazon to reach consumers globally [16]